TRANSFERWISE REVIEW
To set up the borderless account, prior personal identity verification is needed. Once a user is approved for this account, they can hold multiple currencies concurrently, and decide when to make a transfer to best suit their financial needs.
Personal local bank details can also be issued in a handful of currencies to receive payments from third parties, therefore avoiding the use of SWIFT transfers or having the sender register with TransferWise. This is similar to having a multi-currency brokerage account.
A little bit of history:
In May 2017, TransferWise launched a new service, the Borderless account. Initially, the account was for businesses and freelancers with an account and card for consumers planned for later in the year. The Borderless account was available in Europe and the US at launch. A multi-currencies Mastercard debit card was launched in January 2018 for customers located in the European Union and support was later added for customers in the United States with more countries expected to follow in 2019.
